Original post by FRANK JORDANS via The Seattle Times
Berlin’s budding Internet entrepreneurs received the closest thing to an industry endorsement Tuesday, with a (EURO)1 million ($1.3 million) investment from Google Inc. for a new `hub’ where startups can work, play and meet investors.
Berlin’s budding Internet entrepreneurs received the closest thing to an industry endorsement Tuesday, with a (EURO)1 million ($1.3 million) investment from Google Inc. for a new `hub’ where startups can work, play and meet investors.
While the investment is unlikely to provide a material boost to Berlin’s tech sector, it’s a sign that a city which has so far been a secret tip for geeks hoping to develop the next big web hit is now on the radar of the industry’s biggest players.
The German capital has for years been attracting a growing number of creative, young entrepreneurs thanks to its cheap rents and hip party scene. But the city has lagged behind rivals such as San Francisco and London, home to photo-sharing app Instagram and music streaming service Last.fm, when it comes to big-name launches.
Startups based in Berlin sold for a total (EURO)500 million in 2010 and 2011, compared with (EURO)8 billion for London during the same period.
“We’re just at the beginning,” said Simon Schaefer of investment firm JMES, which is partnering with Google to provide the new facilities located close to where the Berlin Wall used to divide the city during the Cold War.
TechMeetups Berlin Drinks & Demo Night, December 4, Berlin
